Chap. 29.—An ACT to amend section two of chapter four of an act to
provide a charter for the city of Petersburg, approved March 11th,
1875.

Approved January 18, 1877.

1. Be it enacted by the general assembly, That section two
of chapter four of an act entitled an act to provide a charter
for the city of Petersburg, approved March eleventh, eighteen
hundred and seventy-five; be amended and re-enacted so as
to read as follows: |

§ 2. For the execution of its powers and duties, the com-
mon council may raise, annually by taxes and assessments
in said city, such sums of money as they may deem necessary
to defray the expenses of the same, and in such manner as
they shall deem expedient in accordance with the laws of the
Btate and the United States, imposing or receiving in no case
a higher rate of penalty for non-payment of taxes than is
prescribed by the laws of the state upon persons delinquent
in payment of state taxes: provided, however, that they shall
impose no tax on the bonds of said city, nor on any capital
invested in real estate or employed in manufacture outside
the city limits, although the person or persons engaged in
said business or manufacture have a place of business in said
city; neither shall they impose any tax at the same time
upon the stock of a corporation and upon the dividends
thereon; nor upon any capital, income, interest, or dividends,
where a license or other tax is imposed upon the business in
which the capital is employed, or upon the principal money,
credit, or stock from which the interest, income or dividend
is derived, nor upon the income derived from the rent of real
estate, when such real estate is taxed. Said taxes shall be
equal and uniform upon all property, both real and personal.
The capital invested in all business operations shall be as-
sessed and taxed as other property. Assessments upon all
stock shall be according to the market value thereof. The
said council may, once in every five years, have the taxable
real estate in said city reassessed, and upon the value so
ascertained shall assess the taxes necessary to be raised
thereon.

2. This act shall be in force from its passage.